International

Towcester fate to be known in new year after racing assets sold to local company

The future of Towcester will not be known until the new year after the administrators of the beleaguered track revealed on Tuesday they had sold the assets required for racing.

The buyer is local company Fermor Land LPP, which is considering a range of options for the future of the course and hopes to be able to make an announcement early next year, according to the administrators KPMG Restructuring.

The administrators said in a statement: "The assets included in the sale are the ten Towcester horse racing fixtures, machinery, equipment, buildings [stands] and dog track located at Towcester Racecourse.

"Having received a significant amount of interest in the assets, the offer received from Fermor Land LLP represents the best return to creditors."

Towcester went into administration in August after reporting "significant financial difficulties" not six weeks after hosting the Star Sports Greyhound Derby and before the start of its jumping season.

Last month it was revealed 28 parties had shown initial interest in buying Towcester's assets with four offers being received by the September 26 deadline.

There are still a number of obstacles to be overcome before racing could resume. The terms of the leases which cover the course provide little certainty about rent or access, while media rights issues would need to be resolved.

Partner and joint administrator Mark Orton said: “We are delighted with the sale of the Towcester Racecourse Company assets. I would specifically like to thank the British Horseracing Authority for their support during the administration process.”